This testimony did not give the impression that he is in a great hurry to cut rates immediately.
More Quotes from Ian Shepherdson:
The Fed has begun to prepare the markets for higher interest rates, ... almost balanced.Ian Shepherdson
Just about everyone who buys a house uses a mortgage, so a sustained drop in mortgage demand tells you where home sales are going, regardless of the current sales data.
Ian Shepherdson
The March Beige Book paints a clear picture of an economy straining at the seams. Significantly, compared to recent Beige Books, there was more detail, and a more worrying tone, to the comments on the labor market.
Ian Shepherdson
The January revision is mostly due to the plunge in aircraft orders reported in the durable-goods numbers. In February, the index was pulled down by lower consumer confidence, higher jobless claims, shorter delivery times and lower building permits.
Ian Shepherdson
To be sure, it would be premature to argue this is the start of a new, hyper-weak trend in home sales, ... Nonetheless, these numbers do send an unambiguous signal that the housing market is now past its peak.
Ian Shepherdson
We expect further gains over the next couple of months in the wake of the plunge in gasoline prices. If we're right, the data will signal first quarter consumption growth of the order of 4 percent.
Ian Shepherdson
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